Penelope Health has successfully raised €87 million in a new funding round. The investment was led by Thoreau, with participation from existing investors including Bertelsmann Healthcare Investments, Twine Ventures, and Seedcamp. The company plans to allocate the capital toward developing new products designed to improve administrative efficiency in navigating insurance payer requirements.
Founded in 2025 by CEO Dr. Sohum Patel and CTO Mattijs De Paepe, the startup aims to simplify the complex landscape of healthcare insurance policies. Dr. Patel previously worked within the UK National Health Service, while De Paepe brings experience from his tenure at Via Transportation, where he focused on machine-learning systems.
The platform functions as a unified infrastructure layer that converts fragmented data into structured information. It allows healthcare organizations to verify coverage requirements and compare policies across different payers in real time. Currently, the system covers policies for more than 200 million Americans and includes data for over 15,000 medical procedures and drug codes.
The funding round occurs during a period of active investment in European healthcare infrastructure and AI-driven administrative tools. Other recent industry activity includes funding for companies such as Tandem Health, which raised €86.5 million, Recare with up to €37 million, and Semble, which secured €34.7 million to scale its management platform.
